Oil Pares Gains as Plentiful Supply Tempers Libya Disruption
- Libya’s biggest field shuts; Iraq halts some production
- Brent, WTI give up gains after surging earlier in session
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Oil pared gains after rising to the highest in more than a week as projections of plentiful world supplies countered concern about disruptions in Iraq and Libya.
Brent futures climbed earlier to $66 a barrel as Libya’s oil production almost ground to a halt when armed forces closed a critical pipeline, shuttering output from the nation’s biggest oil project. In fellow OPEC nation Iraq, escalating protests stopped work at a minor field on Sunday.